Most back stricter financial reform, advantage Obama

About two-thirds of Americans support stricter regulations on the way banks and other financial institutions conduct their business, according to a new Washington Post-ABC News poll.

Majorities also back two main components of legislation congressional Democrats plan to bring to a vote in the Senate this week: greater federal oversight of consumer loans and a company-paid fund that would cover the costs of dismantling failed firms that put the broader economy at risk.

A third pillar of the reform effort draws a more even split: 43 percent support federal regulation of the derivatives market; 41 percent are opposed. Nearly one in five - 17 percent - express no opinion on this complicated topic.

President Obama, who traveled to New York last week to deliver his case for sweeping changes to the financial system gets an even-up review of his performance on the issue, with 48 percent of those polled approving of his handling of financial regulation and 48 percent disapproving.

But compared with congressional Republicans, Obama has a clear advantage. A slim majority - 52 percent - of all Americans says they trust Obama over the GOP on the issue, while 35 percent favor the Republicans in Congress. Independents prefer Obama 47 to 35 percent, with 16 percent trusting neither side on the issue.

In the poll, most Democrats back each of the three major elements of the reform legislation and most Republicans oppose them, echoing the congressional showdown expected this week.

The area with the highest levels of cross-party support is on more robust federal oversight of the way banks and other financial companies make consumer loans, such as auto loans, credit cards and mortgages. Here, 44 percent of Republicans approve of stricter guidelines, joining 75 percent of Democrats and 57 percent of independents on the issue.

In this poll, support for new federal regulation was about the same for "banks and other financial institutions" as for "Wall Street firms." A recent Gallup poll taken before Obama took his case for reform to New York last week showed somewhat greater support for new laws aimed at Wall Street, suggesting the phrase had become a pejorative.

Q: Do you approve or disapprove of the way Obama is handling regulation of the financial industy? Do you approve/disapprove strongly or somewhat?

b. Requiring large banks and other financial companies to put money into a fund that would cover the cost of taking over and breaking up any large financial company that fails and threatens the broader economy

This poll was conducted April 22 to 25, among a random national sample of 1,001 adults. Interviews were conducted on conventional and cellular telephones. The results from the full sample have a margin of sampling error of plus or minus three percentage points.

Financial Reform Means Nothing to Americans Silently Tortured by Their Own Government.

IF OBAMA DOESN'T STOP COVERT GOV'T MICROWAVE/RF ASSAULTS ON U.S. CITIZENS AND BRING THE GUILTY TO JUSTICE, THIS SILENT SLOW-KILL GENOCIDE COULD SINK HIS RE-ELECTION HOPES AND HURT ALL DEMS.

All of those cell towers you see all over America -- and other nations -- are NOT all for phone calls.

Some of them are TORTURE TOWERS -- part of a nationwide microwave/laser radio frequency "directed energy weapon" system that is being used by operatives of the multi-agency Homeland Security-run "fusion center" network to silently TORTURE, IMPAIR AND PHYSICALLY AND NEUROLOGICALLY DEGRADE THE FUNCTIONING AND WELL-BEING OF EXTRAJUDICIALLY, UNJUSTLY 'TARGETED' CITIZENS.

And apparently, the genocidal use of this precision-targeted domestic weapon system to attack and harm U.S. citizens is being done WITHOUT THE KNOWLEDGE AND CONSENT OF CONGRESS OR HIGH STATE OFFICIALS.

DEFINATELY THE BANKS ARE A SERIOUS PROBLEM TO THE AMERICAN PEOPLE. HOWEVER, DUE TO PAST DEALINGS WITH WASHINGTON, D.C. I CONCERNED THAT ANY CHANGES WILL NOT BE CARRIED OUT IN An ETHICAL, FORWARD MOVING EFFORT. BENEFICAL MANNER: NOT BY THE CURRENT ADMINISTRATION !!!

I love some of these polls. So the public is evenly split on derivatives? What would be interesting to see is how many can define derivative.

But the bottom line is that the Tea Party is targeting those who voted for the bailout. It is nonsense to say that the great majority of these people are against government action. These are highly populist: anti-China (not anti-black), pro-health (anti Obama's cutting of Medicare), and virulently anti-bank. If economic conditions don't improve quickly, the political situation will change radically.

"A slim majority - 52 percent - of all Americans says they trust Obama over the GOP on the issue..."

This reminds me of George the Worst saying he had a "mandate" when he won re-election in 2004 with 51.2% of the vote. Now 52% is a 'slim majority?'

Seems to me that the test run of allowing Wall Street to get away with making Main Street pay for their reckless and irresponsible behavior was the Savings and Loan fiasco in 1988 that was the result of the Reagan era deregulation. At least some Republicans are beginning to realize the folly of that deregulation thingy.

The Poll says they support stricter regulations, NOT TAKEOVER, like Obama would like to do. Obama was in congress during this period and did nothing to stop any of what happened on Wall Street. He is part of the problem.

Considering the mess that Congress allowed to develop since the late 1990's and the manner in which the system bloated itself with shady, if not illegal instruments and transactions, overhaul is overdue. The system was controlled under the Glass-Segal Act, but the greedy money makers and the simple minded politicians felt it was better for both if they relaxed the rules. Do you remember the sound of the crash that happened in your retirement account? Silent to some, but loud if it was yours.

We need the overhaul, but people like Sen. Graham contend that they cannot do financial reform and immigration reform at the same time. To those simple minds goes this advice, if you can't do the job, leave it and let someone who can take your place. And as if these two hot potatoes weren't enough, the senator will also have to deal with a new Supreme Court Justice nominee to confirm. Poor Sen. Graham will be mentally overtaxed and sure to cry for a stop to it all, so that he can focus on one thing only. Senator, do the job, multitask, or leave.

angie12106 wrote, Teabaggers don't know the difference between Medicare and Medicare Advantage, an insurance program taxpayers subsidize for the Wealthy.

---------------------------------
Medicare advantage is not a program subsidized for the wealthy, you are completely stupid. This is how dumb the liberal left is. Medicare advantage will be done away with completely. My neighbor is on Medicare Advantage and is on a fixed income. You make it easy for the Tea Party, another stupid liberal with the wrong information.

Since when does Obama care about polls? If he'd been motivated by polls he would not have continued to push his goofy Healthcare "reform". In every poll the public was against Obama's Healthcare reform. I foresee he will not benefit by one atom his latest foray. I hope he saved his cardboard boxes. It will ease his move in 2012.

Could it be the GOP is worried about it's Golden Calf being gored? Once again the Party of NO! is stomping its feet, and attempting to stall and delay as the Dems could actually accomplish something good this term, which would compromise the GOP drive to regain power.

As it is, one additional issue which needs to be addressed is the whole concept of "too big to fail" Time for anti-trust anti-monopoly legislation to be enacted. Bank of America is too large, wields too much power, financial and politial. It should be broken up into regional banks, not the monster it has become. Likewise these other institutions such as Goldman now exist to perpetuate themselves, to drive the markets in any direction they can manipulate them for their own best interests, not what is best for the country. Time for change, as they almost put us into another Great Depression. As Bush would say, "Great job Brownie"

The Poll says they support stricter regulations, NOT TAKEOVER, like Obama would like to do. Obama was in congress during this period and did nothing to stop any of what happened on Wall Street. He is part of the problem.

Posted by: bozobabbling
----------------------------------------

Bozo, please explain how this is a takeover.

Also, Obama was a Jr. Senator and not on any of the Banking or Finance Committees, before becoming President, what exactly was he suppose to do?

There are multiple problems with this survey that pretty much make it meaningless. First of all, echoing the thought of jhough1, I would guess that roughly 5% or so of the American public understands what a derivative is and so has no idea whether they should be more highly regulated or not. Second, the question about whom you trust is misleading in the extreme. The choice should not be between Obama and the republicans because Obama doesnt write and pass legislation (yet). The choice should have been between the republicans and the democrate (apples to apples). Finally, yet again we are asking the American people what they support when they have no idea what the legislation will actually contain. All this survey indicates is that the American public is pissed off at large financial institutions and want something done. Beyond that, this survey has absolutely no meaning or legitimate value. Sorry.

What a laugh! Yes, the public wants "reform," but please, begin with getting Barney Frank and Chris Dodd out of the picture. The odor of corruption is noxious -- and the corruptos are writing the bill! Fox guarding the henhouse doesn't begin to tell how deep the guilty politicians are in this mess. What the public REALLY wants is to throw ALL the bums out!

Amazing to me that people could be against regulation or transparency on derivatives. These are products created, marketed, bought, sold and reported on by the very same community and in the case of MB derivates clearly only beneficial to those individuals and firms.

Just to be clear... no derivatives regulation is equivalent to saying "OK, go ahead and creatively package up investments in ways no one can understand and make money on the trades"...

I should think that both parties would want this protection even more so than those regulating loans.

You are stupid liberal fool. You're not very smart. Wrong information and unfortunately you are allowed to vote. Idiots like you are going to suffer most under Obamacare. And you are going to make innocent elderly people on a fixed income that need medicare advantage suffer without it.

The Poll says they support stricter regulations, NOT TAKEOVER, like Obama would like to do. Obama was in congress during this period and did nothing to stop any of what happened on Wall Street. He is part of the problem.

Posted by: bozobabbling
-------------------

PS As a Senator & Candidate for President he did bring the economy to the attention of the public. Meanwhile McCain and the GOP were actually saying the economy was fine. McCain stood by that claim up until one morning when he said it was fine and then that same afternoon realized the the economy was in critical condition (as Obama had been saying). So, as Senator, Obama DID do something, it is just that idiots in the GOP were too greedy and stupid to realize it (and that is who you would like?!).

I am opposed to the bailout fund, not because I'm pro-banker, but because how do you shut down Citi Bank or Goldman Sachs when they are in over a hundred other countries (13 Bankers Simon Johnson & James Kwak).

They recommend a bank capitalization of $100B max, independent Consumer Protection Agency 6 year term appointments, capitalization 7.5% minimum in law, all derivative must be public either through an open trading market or disclosed within 3 trading days of the agreement and retail and investment banking must be separated.

Does this reduce innovation? Darn toot'en it does.Just as the the innovation of computer hacking has been. We need the next bankers propriety ideas like we need new ways to set a fire.

Go overseas? Let Lichtenstein bail out the banks the next time they go broke.

no auto cpi's.
no dept of education - it educates no one.
no endowment for the arts - hollywood has enough money to do it themselves.
no npr - there are plenty of radio stations out there.
no gov tv either - barney can pay his own way.
no fed government regulations of schools - let the states do it.
STOP BUSSING - it wasts hundreds of millions to move kids away from their homes so they spend hours on a bus.
end all US foreign aid
save 6+ billion pull out of un.

PS As a Senator & Candidate for President he did bring the economy to the attention of the public. Meanwhile McCain and the GOP were actually saying the economy was fine. McCain stood by that claim up until one morning when he said it was fine and then that same afternoon realized the the economy was in critical condition (as Obama had been saying). So, as Senator, Obama DID do something, it is just that idiots in the GOP were too greedy and stupid to realize it (and that is who you would like?!).
----------------------------------
And not one Democrat is greedy?

Regulation - and deregulation - should be done very carefully to take account of the possible negatives of unintended consequences. Glas Spiegel was put in place in 1933 to keep banks or other financial institutions from extending their tentacles into all areas - thus becoming too big to fail or having undue influence. But in 1999 a large proportion of congress in a fit of irrational exuberance voted to remove that restriction. Although supposedly opposed to that deregulation, Clinton signed the law change, assuming his veto would be overturned anyhow. Some say he should have tried to persuade rather than sign. In any case the removal of Glas Spiegel was arguably one of the major causes of the later financial collapse we are still suffering through at great cost of taxes and jobs.

Regulation also carries its own unintended consequences. One could consider some years ago when congress though a tax on yachts would be a harmless way to raise revenue. The result: thousands of lost American jobs and they still got built elsewhere. The same with Carter's attempt to manipulate gas prices and the resultant shortages and lines. Regulation and deregulation should be done very cautiously. Government has a poor record in the control of the business world. And we all pay for those mistakes

People should make comments to assist others in education. Not makeing mean comments. Especially to someone whose name is: bozobabbling. Especially when these same people still believe Mr Reagan, G. W. Bush and Dick Cheney were totally open, honest and money saving men. Just like the men and women who now want to run their political party, Rush ,Glenn and Sarah.

I have been following the efforts of our countries policing authorities.. and there isn't a day or week that doesn't go by, that some executive or other players are not brought up on charges for their actions with either funds,bad mortgages,etc..and alike...

The efforts are on going to bring to justice these scum who had a hand in the situation that Americans have suffered.

However...and many people will not like what I will be writing..Some Americans must also look in the mirror at themselves because if it were not for their foolish spending habits, purchasing items that they clearly could not afford via either mortgages or credit card items, then many would not be in the mess they are in also..I would grade it 50-50 as far as any personal responsibility to the situation many Americans are in.. We do not use Gross income to pay our bills...We use NET income, and it is that Net income that we must look at.. We the people must take Responsibility for the actions of others who allowed our naivete in signing the papers to buy a house that we could not afford..It isn't all the mortgage company, it is the stupidity of the people signing on the line without figuring out whether they could actually benefit from buying a home, and whether or not it fit into our budgets.

Of course, the GOP scum oppose financial regulation. Did anyone ever hear of a thief that was satisfied with what they had already stolen? Like every other blood sucking vermin, they will try to bleed their victims to death.

HL MENCKEN ONCE SAID "THAT THE OBJECT OF THE PRESS IS TO MAKE THE IGNORANT MORE IGNORANT." ASKING UNIFORMED AND IGNORANT PEOPLE ABOUT AMERICA'S CRIMINAL PLUTOCRACY AND THE PROPOSED HYPOCRITICAL FINANCIAL REFORMS OF THE DEMOCRATS AND REPUBLICANS CLEARLY REAFFIRMS MENCKEN'S POINT!

Of course two-thirds back reform. We know what happened to us during the Bush years. The rich bankers and financial corporations exploited us (even those of us who didn't take out bad mortgages), and then when it all went bust, the rich got bailed out, and the middle class got stomped.

Watch what the GOP does today to try to stall and water down this financial legislation. They may claim they are trying to make it stronger, but look at the GOP-Bush years. You know whose side they are one.

The financial pie is one that has to be eaten a slice at a time. Restructuring banks to reduce systemic risk is essential to a competitive and resilient financial sector. However, the devil is in the details and until there is language set forth you have to reserve enthusiasm.
The other MAJOR task, and more significant than the later, is regulation of the derivatives market. Wall Street firms have outdone themselves in developing financial instruments that are no more than smoke and mirrors; totally lacking economic substance. This needs to come to a halt.
There also needs to be a comprehensive analysis of the application of margin trading in the futures and derivatives market to temper wild speculation, which disrupt the normal operation of supply and demand. This is a serious problem.
The President will have his hands full with Wall Street but it needs to be addresses without delay.

The poll and many other sign nothwithstanding, I suppose the Republican spokesmen Mitch McConnell and John Boehner will lyingly declare that the American people are against the Wall Street reform bill. You guys lost the last big fight and haven't got a chance in this one.

The language used by the MSM to explain "complex financial deals" is unhelpful. Comparing Wall Street to a casino is the better metaphor. Everyone knows that casinos are for gambling. The MSM does write about "making bets" in Wall Street. Derivatives are similar to buying insurance when playing cards, you know like, 21.

The big trouble with Wall Street is they are now using the U.S. Treasury (you know, tax money) for bank-roling their gambling addiction.

You are stupid liberal fool. You're not very smart. Wrong information and unfortunately you are allowed to vote. Idiots like you are going to suffer most under Obamacare. And you are going to make innocent elderly people on a fixed income that need medicare advantage suffer without it.

Trillions of dollars of equity lost, millions of jobs lost, millions of homes lost, trillions added to the debt. Trillions given away to criminal bankers. ZERO investigations, ZERO prosecutions, ZERO responsibility. Thats the FED!
Bernanke hired a former Enron lobbyist to grease the wheels in Congress so that Americans can continue to be screwed by an unbeholden, unaccountable, unelected central bank. Support S 604 to audit the fed.
www.auditthefed.com

The party of no, the Republicants, would like nothing better than to have financial reform fail. They don't want the Democrats to get credit for anything. They don't care what happens to the American public, as long as they can say no to it.
The Republicants message to America; hate, fear, guns, and the bible are all you need to succeed in America.

Who would believe any poll conducted by WaPo when it deals with their dear leader's legislation? They must poll only people within Wash, D.C. It is so ridiculous that they just pick people randomly and they're knowledgeable of derivatives...most of the politicians don't understand derivatives and what is troublesome about them...some derivatives aren't troublesome.. This publication is dying a slow death of credibility.

I believe in financial reform and it should start in congress like get rid of them (how about Barny Frank and they rest).
We need to repeal the HC bill to save us first this bill is going to put us under if we don't. Democrats have BIG HANDS in Wall Street just remember that. I don't see any POOR Democrats in the House or the Senate do YOU?
All they do is take our money and spend it and they have nothing to worry about. They are protected under their sleazy exclusion clauses through out these bills just as HC Kennedy excluding them from the HC bill...
People need to wake up. These representatives are not for us they are for themselves ONLY.....

Hot summer day is about to,Open the wardrobe is not yet found love after
another the right clothes? So, also waiting for? Immediate action bar!
Welcome to { http://www.smalltrade.net } sure you will find what you need.
Moreover, the company has a good reputation, product quality standards,
at reasonable prices. Over the years, has been well received by overseas
friends for their support. Therefore, please rest assured purchase.

How many major financial collapses, fraudulent investment offerings, and bonus hungry shameless Wall Street crooks will it take to convince you that we need more regulation? You are naïve if you think markets will regulate themselves. In addition to the current mess, there is wealth of historical cases showing where “self-regulating” industries have robbed and abused the masses with little or no consequences. In other countries, such as China, the Wall Street crooks and others who created fake financial instruments such as credit defaults swaps and derivatives would have been shot.

I too would like to believe that markets and big business will self – regulate and protect the average person, but that’s a fairy tale. Anyone who believes otherwise it either one of the crooks benefiting from their crimes or an ignorant, Obama hating, Republican dribble spewing moron.

angie12106 wrote, Teabaggers don't know the difference between Medicare and Medicare Advantage, an insurance program taxpayers subsidize for the Wealthy.

---------------------------------
Medicare advantage is not a program subsidized for the wealthy, you are completely stupid. This is how dumb the liberal left is. Medicare advantage will be done away with completely. My neighbor is on Medicare Advantage and is on a fixed income. You make it easy for the Tea Party, another stupid liberal with the wrong information.

######################################

Yes, Medicare Advantage IS a subsidized program that costs far more than traditional Medicare. All these high-principled tea baggers who use this plan are being subsidized by the same government that they hate so much!

DEFINATELY THE BANKS ARE A SERIOUS PROBLEM TO THE AMERICAN PEOPLE. HOWEVER, DUE TO PAST DEALINGS WITH WASHINGTON, D.C. I CONCERNED THAT ANY CHANGES WILL NOT BE CARRIED OUT IN An ETHICAL, FORWARD MOVING EFFORT. BENEFICAL MANNER: NOT BY THE CURRENT ADMINISTRATION !!!

Posted by: icebluee67 | April 26, 2010 9:34 AM

########################################

A "serious problem"? The banks caused our entire frigging economy to crash in 2008! All you want is to delay legislation so that the banks can get another crack at our assets.

Ok politics 101, Republicans are not Legistlators, they are figure heads for powerful corporations and Wall Street to obstruct legislation that would lessen power to conduct business anyway they see fit from corps and Wall Street. If you want your elected officials to craft legislation to perform oversight over Wall Street and Corporations, utilize government that benefit you the individual do not vote republican. Haven't you been listening to their messages since the Reagan era, Government bad, Free market is good. That is why they do not create legislation and when they influence it, they influenence it to benefit corporations and Wall St. Republicans do not believe in nor do they know how to craft legistaltion to benefit the middle class individual voter. Remember their economic policy is trickle down economics they start from the wealthiest and most powerful like Wall Street and the Corporations and believe whatever crumbs are passed onto the middle class is enough. Republicans let the powerful corporations and Wall Street do whatever because they believe in the unfetted unregulated free market.If you want good government that works for the individual, protects the individual, is the voice of the individual then you need to elect people that believe in the government's role of representing the individual not protecting Wall Street and Corporations. Sorry but Republicans are not the voice of middle class americans. Its that simple.

**Per dollar of federal tax collected in 2005, Kentucky citizens received approximately $1.51 in the way of federal spending. This ranks the state 9th highest nationally and represents a rise from 1995 when Kentucky received $1.28 per dollar of taxes in federal spending (ranked 13th nationally).**

Once again, Democrats are hamstrung by their inability to translate good public policy to good PR.

The vast majority of Americans support the Democratic agenda, they just don't know it. Boehner calling regulating Wall Street "a bail out" is like calling a life prison sentence "a government pension plan with free housing."

Where is all the teabagger outrage over millions of Americans getting looted by Wall Street... and the Republicans refusing to help regulate them?

Oh yeah, I forgot. They only care about "the black guy."

Obama should forge ahead with this desperately-needed legislation over the objections of the GOP corporate hacks.

Mark Halperin of Time magazine nails it:

But by Election Day, 2010, Obama will have soundly achieved many of his chief campaign promises while running a highly competent, scandal-free government. Not bad for a guy whose opponents (in both parties) for the White House suggested he was too green in national life to know how to do the job — and whose presidency began in the midst of a worldwide economic crisis that demanded urgent attention and commanded much of his focus.

…

Quibble all you wish about the dimensions of the stimulus law or the administration of the TARP or the Detroit bailout, but the actions taken were professionally handled, apparently necessary, and, so far, constructive.

Strikingly underrated by the Washington press corps are Obama's gains on education policy, including a willingness to confront the education establishment on standards for both teachers and students.

Overseas, Obama has snagged an arms reduction deal with Russia, managed the wars in Afghanistan and Iraq exactly as he promised, eliminated numerous terrorist leaders through an aggressive targeting operation, and laid the groundwork for dealing with Iran and, perhaps, North Korea.
...................

Quite right 809 - I'd go farther and say probably 90% of citizens want these guys tarred & feathered, but it's beyond corruption at this point. The financiers are the government; the people we vote for are just patsies.

"Throw the bums out" seems to creep up in several comments here. The problem is, once these people get in office, they ALL become bums. The reason? Money. What we need is financial reform of Congress. It shouldn't take a financial calamity like what happened in 2008 to get Congress to do it's job.

You can go all the way back to the Code of Hammurabi to find that government's real job should be to protect the powerless from the powerful, because human nature is such that, no matter who "they" are, if you give them enough power and money, they will abuse it to further their position. There are exceptions of course, but generally, until money no longer influences people in Congress, they (no matter which flavored "bum" it is) will always be looking out for the group that can help them maintain their power.

The financial industry needs to be taken down several notches. Obama and the Dems have some good ideas, but mostly they don't go far enough. Several analysts have said that, as currently proposed, none of this legislation will stop another 2008. It's mostly about mitigating it if it happens again. That's unacceptable.

Republican are openly hostile to the idea of government. Everyone should elect Democratic Presidents. Electing a Republican President to government is like hiring a babysitter who hates kids to watch your little ones. You wouldn't do that to your kids, so don't do that to your country.

This Bill is just another example of the difference between Democratic leadership that cares about their work, vs. Republican leadership that is a giant wrecking crew.

Since when does Obama care about polls? If he'd been motivated by polls he would not have continued to push his goofy Healthcare "reform". In every poll the public was against Obama's Healthcare reform. I foresee he will not benefit by one atom his latest foray. I hope he saved his cardboard boxes. It will ease his move in 2012.
---
No offense, but you also foresaw that he couldn't get healthcare done. And he did, and it's done, and you were wrong. What's your next prediction Kreskin?

The 41% supporting a lack of regulation on derivatives trading are the most stupid people on the planet. None are people who would either profit or benefit from derivative trading, yet all of them would be adversely impacted from another collapse caused by the lack of such regulations.

Crazy or stupid? They are gulled by the GOP talking points, the idiocy of non-regulation as a good thing in all cases. Wake up and read something, anything, learn about it and you'll see what I'm talking about! A bit of logic can do wonders.

The biggest problem is that most people simply do not understand what caused the financial meltdown starting with the mortgage fiasco. It all started with the "Neighborhood Revitalization Act" under Jimmy Carter and further "enhanced" under Bill Clinton. Barney Franks and Christopher Dodd were big contributors to the problem as was "Acorn" and other assorted fruits and nuts. They all pushed for "substandard" lending so that the "Poor" could own their own homes, even though there was no chance that they could pay for them.

here is another thought - calling it reform does not make it reform.
want reform - quit watching porn and enforce the fraud laws.
but it is not reform to let the government - the least effective means to control anything - to take over any business.
and why did the gov keep the tarp money that was repaid with interest - by law it was not going to be a personal obama .6 trillion slush fund.
that is how the gov controls things - poorly.

These numbers must have come from the bilges of the remanents of ACORN and other liars and collaborators. Is there no dignity or honor anymore? Of course when one is purposely trying to prove an invalid point, it is easy to couch questions in terms where both answers claim the same result.

The Federal Government has never 'reformed' anything. It has, in nearly every circumstance, only provided profit for the phoney 'czars' and their minions and thoroughly polluted whatever they pretended to do.

However, the question is not antics of Obama. Who he is and what he stands for is very well known. The real conumdrum are these previously perceived elected officials who follow him as if he is the 'great one' that he thinks he is.

Oversight? Maybe, but reform based on a takeover by the Federal Government and filling leadership positions with political cronies is tatamount to irresponsible.

I'm not sure the point of the data here. That most people want asome sort of better regulation of the financial industry is obvious and a no-brainer. But, do they really know what the implications of some of the proposed regulations are? (Limiting a bank's size becaiuse it is too big may impair competativeness; limiting risk through monitoring may constrain the innovation needed to keep us on top opf the financial world; Having thegovenment empowered to force something into bankrupcy and wiping out all shareholder equity is chilling.)

More effective rusk management and regulation is likely a very good thing. But, there is this vindictive streak in the democrat's proposal. I don't think that is productive or constructive for the nationan or the economy.

Given that only 27% of Americans have a college degree and some of those graduates lack a solid background in economics or business I would suspect that the 75% that support this "stricter" reform do so because of the emotion generated by reading the current mainstream media's articles that offer little real analysis and more prose offered to enrage. Where is the outrage for a Congress that was supposed to generate regulations? Where is the outrage for a Congress that was supposed to provide oversight? Where is the outrage over Fannie and Freddie still generating economically and business unsound mortages? I suspect that the press will continue to support and incompetent administration and Congress as they simply try to make it appear that they are doing something to help the economy rather than simply closing the barn door after the horses have escaped. This is the dumbest event next to the recent "healthcare reform" I have seen in my life.

It matters not what the American public wants when GOP the obstructionists only listen to their bosses on Wall Street and keep repeating " Hell No". If the voters still blindly follow their allegiance to their party of no, then America has descended into the abyss of third world legislators.

Obama has declared war on LOBBYISTS, GOVERNMENT CONTRACTORS, and now WALL STREET titans. These kind of domestic disputes make us look bad as a nation of FREE MARKETEERS. It looks like our nation is slipping off the FREE PASS given to those priviledged businessmen. Who will be Obama's next target? Insurance men? Movie makers?

Kudos for everyone here who applauds rational, carefully considered reform and regulation. All the folks here that seem to think we can fix things by getting rid of them have decieved themselves into thinking that these problems are simple and can be easily resolved. Consider this: if it was that easy to fix these things, wouldn't we have done it already? This is not our first financial crisis. What I don't understand is why anyone can realistically oppose financial reform- where were they when the economy collapsed? And yes, its a complicated mess of subprime mortgages, mortage-backed securities and a nubmer of other financial products, but to allow the status quo to continue with full knowledge of the consequences is the definition of insanity.

EVERYBODY wants financial controls just as EVERYBODY wanted a better Health Plan, but America still doesn't support the Democrats deeply flawed plan. The Dems already lost the midterms because of their support of a poorly written, terribly expensive attempt at a Health Plan, but the Scott Brown vote now prevents the Dems from harming America anymore - they must listen to the GOP or get no bill.

Where is the Wash Post Headline "2/3 of American's DO NOT support the Healthcare Deform Bill" ?!?!!!!
---
Still crying about health care. Waaah. News flash...it's over and you lost! Plus, just to clarify, it wasn't 2/3 opposing..it was more like 50/50. And of the 50% that opposed it, it wasn't because they all thought it went to far. Many of us opposed it because it didn't go far enough! Nevertheless, I'm glad it passed and I'm glad you lost. Now you can return to cring in your oatmeal.

Wow, for someone to parade their ignorance nationally by name like this is pretty awesome!

I love the way these teabagger-style hypocrites always end up receiving government "socialist" benefits, and never really understanding what they are talking about.

Mark, if you hate our government so much, why not move overseas with your pal Rush Limbaugh, who promised to go to Costa Rica?

This financial reform is desperately needed.

Millions of Americans have lost billions in hard-earned savings because wealthy bankers wanted to play games with other peoples' money. The greed of Wall Street, and their Republican servants, is breathtaking.

EVERYBODY wants financial controls just as EVERYBODY wanted a better Health Plan, but America still doesn't support the Democrats deeply flawed plan. The Dems already lost the midterms because of their support of a poorly written, terribly expensive attempt at a Health Plan, but the Scott Brown vote now prevents the Dems from harming America anymore - they must listen to the GOP or get no bill.

Posted by: Realist20 | April 26, 2010 12:09 PM

#########################################

No, people like you don't support any financial reform - you had eight years under GW Bush to do something and you did absolutely nothing!

Again, the administration plays "create a crisis". Again, the politicians (both parties) attempt to solve the symptoms instead of the problem.

The problem is "Washington: -- Congress, the judiciary and the White House."

Consider these wise words:

'I believe that banking institutions are more dangerous to our liberties than standing armies.
If the American people ever allow private banks to control the issue of their
currency, first by inflation, then by deflation, the banks and corporations that will grow up around the banks will deprive the people of all property -until their children wake-up homeless on the continent their fathers conquered.'
Thomas Jefferson, 1802.

There are sufficient regulations ... they need to be enforced.

Interestingly the polling in this article asked many questions ... I detected a slight built-in bias. Curiously none of the questions asked whether there should be stricter regulation of the Federal Reserve.

The banks are NOT the problem. Failure to enforce existing legislation and to prosecute criminally those who act to defraud the public IS the problem.

BTW, criminal prosecution should also be pursued against members of Congress for similar acts against the public.

The concept of "immunity" violates the first amendment right to petition for a redress of grievances and provides blanket security for the scalawags masquerading as public servants who make a career out of defrauding We the People. IMPLEMENT TERM LIMITS.

Here are three more quotes:

"To compel a man to subsidize with his taxes the propagation of ideas which he
disbelieves and abhors is sinful and tyrannical."
Thomas Jefferson

"I predict future happiness for Americans if they can prevent the government from
wasting the labors of the people under the pretense of taking care of them."
Thomas Jefferson

"My reading of history convinces me that most bad government results from too much government."
Thomas Jefferson

We should post a huge sign on the Capitol ---
"FOR AMUSEMENT PURPOSES ONLY!"

If two-thirds back restrictive reform, this bill, if crafted by Dodd, won't do a thing to stifle big banks' stranglehold on congress.

Until these banks are broken up into 50 smaller banks, fugettaboutit!

The world financial system ran just fine in the 1980's. Banks were allowed to get bigger and bigger since then and take on more leverage and speculative activities with our $$.

Americans remain the dumbest species on the planet.

The bigger they get the less they will pay depositors and the more they will
charge borrowers. Is that too hard a concept to grasp? It's called monopolistic behavior. And the small banks tag along crying the blues. What a joke.

Slimey Democrats find a way to demonize and control. This is jus one more way to example. When all the laws are cut down to let them have what they want. What law is going to protect you from the GOVERNMENT??? You should be worried, really worried about the dictator ship being consolidated right before your eyes.
4 million votes against Hitler, what do you think happened to them. We know what happened to his supporters as well. All their lives were destroyed.

So, 2/3 of the country supports something they know absolutely nothing about?

Go figure that we already have the SEC, CFTC, NFA, Federal Reserve, FDIC, OCC, NCUA and OTS to do the duties of regulation. We must need a new regulator to regulate these few hundred thousand goverment employees.

It makes me absolutely crazy to see that people are buying into the government's argument that Wall Street is to blame. Eight regulators in this country did nothing about derivatives, CDS's or any CDO until after the fallout was underway. Yet, we are suppose to believe that they had nothing to do with the orchestration of their trade in the first place?

The Federal government can pinpoint to the dollar, how much health care reform or financial reform will save us, but they can't identify a toxic asset prior to it's poisonous explosion?

The story doesn't hold water and this entire push for regulation will in the end...PROVIDE NO FURTHER REGULATION AND NO FURTHER SAFEGUARDS FOR FRAUD AND CORRUPTION WITHIN THE SEC OR THE LIKE. IT WILL ONLY ALLOW THE EMPTY SUITS IN DC TO ALLEVIATE THEMSELVES OF ANY RESPONSIBILITY IN THE MATTER. THIS WILL FOREVER BE THE SOLE ACTIONS OF WALL STREET, A FACELESS ENEMY, WHO HAS CREATED SUCH AN ECONOMIC CATASTROPHE.

Misdirect and misinform...government in action.

And for all of you partisans out there...I don't care if they're Republican or Democrat...they're all the same...just in different colored suits.

The courts are a safe way to protect our assets. The government is run by lobbiest concerned about their own welfare and that is why America is bankrupt. We have been subsidizing everyones pocket book but the taxpayer. The taxpayer is only protected in the courts. Case in point; killers are on the streets recommiting crimes.
shuttdlrl

Here's my 2 cents. There will never be reform as long as rich people make the rules. What more do we need to know. So while you're all complaining about the banks check out Buffett. And next to Warren Buffetts billions it may not be worth the monitor you read it on.

WSJ:

Democrats to Kill Derivatives Provision

Senate Democrats agreed to kill a provision from their derivatives bill pushed by Berkshire Hathaway that would have allowed the company to avoid a significant financial hit.

If two-thirds of Americans polled support tighter regulation then why are GOP members stonewalling? Are they afraid of losing their access to easy money? Just whom do they work for, special interests or the American People in their constituencies? We should track the voting records of all Legislators on this important issue and WaPo should issue an objective Report Card on who supports and who doesn't. Then let us, the American People decide if we want these Patricians "ruling" or "ruining" our lives.

The Obama administration is the ones that are "MISGUIDED" This is just one more issue that the government is saying do as I say not as I do. While the financial industry is guilty of much wrong doing, the government has forced them into doing many of these bad practices by more and more stupid regulations.
Just look at what is happening with the politics of CO2 regulations and there is absolutely not prove that the "greenhouse gas effect" exists.List of references:
The paper "Falsification of the Atmospheric CO2 greenhouse effect within the frame of physics" by Gerhard Gerlich and Ralf D. Tscheuschner is an in-depth examination of the subject. Version 4 2009
Electronic version of an article published as International Journal of Modern Physics
B, Vol. 23, No. 3 (2009) 275{364 , DOI No: 10.1142/S021797920904984X, c World
Scientific Publishing Company, http://www.worldscinet.com/ijmpb.
Report of Alan Carlin of US-EPA March, 2009 that shows that CO2 does not cause global warming.

Greenhouse Gas Hypothesis Violates Fundamentals of Physics” by Dipl-Ing Heinz Thieme This work has about 10 or 12 link
that support the truth that the greenhouse gas effect is a hoax.
R.W.Wood
from the Philosophical magazine (more properly the London, Edinborough and Dublin Philosophical Magazine , 1909, vol 17, p319-320. Cambridge UL shelf mark p340.1.c.95, if you're interested.
The Hidden Flaw in Greenhouse Theory
By Alan Siddons
from: http://www.americanthinker.com/2010/02/the_hidden_flaw_in_greenhouse.html at March 01, 2010 - 09:10:34 AM CST

The bottom line is that the facts show that the greenhouse gas effect is a fairy-tale and that Man-made global warming is the World larges Scam!!!The IPCC and Al Gore should be charged under the US Anti-racketeering act and when convicted - they should spend the rest of their lives in jail for the Crimes they have committed against Humanity.

Based on the facts brought out by the recent SEC case against Goldman Sachs-- what the financial firms did was to use the housing bubble to acquire as many mortgages--good or bad, sub prime or not--as possible. Then repackage those mortgages--separating the good to keep for their profit, from the bad to sell off for profit, after buying AAA ratings for all of them. Then shorting those bad mortgage securities, after selling them off, to make more profit. Those firms who succeeded in selling off the bad mortgages they intentionally accrued survived the carnage (Goldman Sachs). While those firms who were left holding those bad securities--or who had unwisely bought them from other firms--exploded when the music stopped (Bear Stearns, Lehman Brothers). It was the financial equivalent of a global game of musical chairs--as long as your firm wasn't the one standing at the end, you won. Your firm made money--even if that process destroyed 8 million jobs (in America alone).

This country doesn't need any more "reform". This country needs to administer and enforce the law in place. The rest is taken care of by free markets. Free markets weed out the corrupt, the weak, the ill founded corporations...like the law of natural selection in the animal world, they will die of natural causes of their own making. When the government interferes with law and policies to protect or promote one over another, even if the intent is good, it disrupts the natural balance with the end result being a total collapse of the capital system.

A poll with questions the people being polled have no clue as to what they are. A story by the Post once again praising the Boy Prince President and the left wing whack jobs in congress while trying to put the republicans in a bad light. Half truths once again.

This bill if passed will be the same as the health care bill. No one knows what is in it and we will once again be screwed. To have Dodd as the sponsor is the utmost in hypocricy since he is one of the key players in this mess and should be in prison not teh senate.

Heh, Senator Shelby hopes that if the 41 GOP senators all march in lockstep, they can fool the country into thinking that they are standing on some sort of honest principle.

Not likely. It's so obvious that they are just shilling to protect the profits of their Wall Street corporate masters.

And then there's this:

Sen. Jeff Merkley (D-Oregon): "By voting against cloture, Republicans are voting to keep Wall Street negotiations behind closed doors, demanding changes to the bill without public scrutiny. Instead of closed-door deals, they should support open floor debate," said Merkley.
............

Spot on. This is all about a quid pro quo between Wall Street and the Repbulicans' campaign chest.

Some of the stricter reform that needs to take place is for items like restricting the Government from mandating loaning institutions to give loans to people who can't afford them, no matter what the reasoning. Thanks to Barney Fwank and Chris "Country Wide" Dodd, we got cause of the Banking collapse. They would lead you to belive that this was from some "greedy" loansharking bank, but it in fact was policy that was mandated by the Government started during the tenure of Slick Willy.

With all of the dishonest and misrepresented legislation that is being pumped out by the progressive liberal extremist Democrat leadership, I can't believe that the most recent "stricter reforms" are for anything but the advancement of progressive liberal extremist Agenda.

Actually the financial regulatory "reforms" advocated by Obama and most Democrats in Congress, as occurred with their health car bill, are relatively weak and inadequate. They should restore the Glass-Steagall act and ban esoteric mortgages.

Financial institutions that largely caused the Great Recession with their greed and irresponsibility should have been dismantled or nationalized, instead of rewarded with bailouts. Trading in derivatives should be banned or strictly regulated.

Does anyone in their right mind and in all honesty really think that the majority of Americans even understand the bill or the ramifications of it or anything at all about finance? Really?

Demagogue Wall St, bankers and the rich and you can get a majority to do anything - but it will be a blind majority and woe betide us for the unintended consequences which are sure to follow because of mass ignorance in the public and in the brothels of congress.

Have we forgotten that Congress, not the president, makes laws? Senator Dodd is the guy behind this bill. The survey should be democrats vs. republicans. Plus, it shouldn't even be that. It should be about the contents of the bill and stop there.

It doesn't help to portray legislative battles as a political horserace. Leave that for campaigns. There are real issues at stake here, important ones.

Two Thirds of all Americans who are leftists, anti-Capitalists, anti-the American Way of Life, etc., etc., etc., oppose this! What happened to the American dream, that if you work really, really hard, you'll be very successful and very rich? Why is this now such a bad thing? Obama and his Socialist Party need to go! Now!

It would be relevant to know how many of those polled could explain what a derivative was and if they knew if credit default swaps and CDO were derivatives or could give any kind of explanation in the part that derivatives played in the meltdown. Those who could give a comprehensive explanation should replace members of Congress who are vague to illiterate on the subject.

Why is everyone supporting Obama's move against the lending institutions and Wall Street; he is part of the problem and has been prior to 2008.

There's no doubt we need reform in immigration, healthcare and Wall Street, but not Obama's reform; he used these people all of them involved in Wall Street and then like his dear Reverend is now going to punish them since he's in power.

Before President Obama continues to go around accusing others of lacking legitimacy, he should read the official cost estimate of the financial regulation bill released by the Congressional Budget Office last Thursday. Assessing the budgetary impact of the $50 billion that "systemically important financial firms" would have to pay in assessments to pay for the bill's "Orderly Resolution Fund," the CBO writes:

The total amount collected from assessments is estimated to be about $58 billion through 2020. But such assessments would become an additional business expense for companies required to pay them. Those additional expenses would result in decreases in taxable income somewhere in the economy, which would produce a loss of government revenue from income and payroll taxes that would partially offset the revenue collected from the assessment itself.

In other words, these financial firms have to get that $58 billion dollars from somewhere, and that somewhere is you. Now the Obama administration may argue that they actually oppose the creation of the resolution fund. But American taxpayers should be even more frightened when they find out why the Obama administration opposes it. The New York Times reports: "The Obama administration does not support the $50 billion fund, partly out of concern that more money may be needed if one or more big financial firms ever collapse and that creating a fund could make it difficult to authorize more money."

If you can't read between the lines of how drastically we, the common folk, are going to suffer. Then we Americans are a lot dumber that I thought.

Now everyone knows the GOP were paid by Banks to block any changes to the Finance Laws so what's with any questions. Like the Mafia the Banks paid the GOP in large donations to the RNC to work for them. Now it's time to earn their pay. Yes people know they have been robbed and yes we know the GOP works for the Banks interest. If the GOP succeed in allowing the Banks to continue to steal, Bernie Madoff will appeal his case on the grounds he did the same thing. Let's just face it the GOP are corrupt and some Democrats too. We elect criminals and we'll see if their elected back in office. We watched Law Makers steal, molest, hire prostitutes and even have mistress while holding up the bible. No problem as long as their Republicans who also use donations for Gay/Sex Clubs. Now Spitzer was brought down not because he ( with his own money) hired a prostitute but it was because he was about to bring down the Banks, as he knew of the corruption and scams. The Media/Press helped the GOP make a Poster boy out of Spitzer while covering for Senator Vitter, Craig, Ensign and even child molester Mark Foley. Just think if the Press really did their job and not worked for the GOP, we could have avoid the Recession. Men have had prostitutes since the beginning of time and we need only look to Abraham and his first son. But the real question should be who does the Media/Press work for?

Everyone knows the Banking industy has grown corrupt and bloated. No one will deny that they need Federal Oversight to keep thier busines practices under control. What worries me is that the democrats have had control of Congress sine 2008 an made no effort to do any thing. Of course they playing the game of waiting until their person was in office at the expense of the American Citzens. The Republican are not blamless in this either as both parties have benefitted from the lax and loose controls over the banking industry. To say they are to big to fail is pure hog wash. The coperate greed we have seen explains thier problems. The have plaid footloose and fancy free with the customer and ivestors money with bad loans and questionable practices on investments. The when they screw up the investors take it in the shorts and the banking advisors takea bonus. There is something wrong with this picture. In the past if a bane pulled some of these questionable deals they would have been tarred and feathered and rode out of town on a rail. Perhap that not such a bad idea as we the people are the ones who are forced to pay for this mistakes. GOD BLESS AMERICA AN THE U.S. MILITARY

Again, the administration plays "create a crisis". Again, the politicians (both parties) attempt to solve the symptoms instead of the problem.

The problem is "Washington: -- Congress, the judiciary and the White House."

Consider these wise words:

'I believe that banking institutions are more dangerous to our liberties than standing armies.
If the American people ever allow private banks to control the issue of their
currency, first by inflation, then by deflation, the banks and corporations that will grow up around the banks will deprive the people of all property -until their children wake-up homeless on the continent their fathers conquered.'
Thomas Jefferson, 1802.

There are sufficient regulations ... they need to be enforced.

Interestingly the polling in this article asked many questions ... I detected a slight built-in bias. Curiously none of the questions asked whether there should be stricter regulation of the Federal Reserve.

The banks are NOT the problem. Failure to enforce existing legislation and to prosecute criminally those who act to defraud the public IS the problem.

BTW, criminal prosecution should also be pursued against members of Congress for similar acts against the public.

The concept of "immunity" violates the first amendment right to petition for a redress of grievances and provides blanket security for the scalawags masquerading as public servants who make a career out of defrauding We the People. IMPLEMENT TERM LIMITS.

Here are three more quotes:

"To compel a man to subsidize with his taxes the propagation of ideas which he
disbelieves and abhors is sinful and tyrannical."
Thomas Jefferson

"I predict future happiness for Americans if they can prevent the government from
wasting the labors of the people under the pretense of taking care of them."
Thomas Jefferson

"My reading of history convinces me that most bad government results from too much government."
Thomas Jefferson

We should post a huge sign on the Capitol ---
"FOR AMUSEMENT PURPOSES ONLY!"

Yay. More fluff legislation, which maybe would have stopped the bad practices of Wall Street in 1995. As usual, our leaders are a decade or more behind Wall Street. After all, they used our money to hire cleaver lawyers and software engineers to exploit the loopholes in current and future legislation. I mean really. Do we actually think our Congressmen are smarter than these bankers?

You would think that Americans would be outraged and demanding sweeping reform and regulation of Wall Street after what has happen to the economy, enriching Wall Street and prostrating Main Street! The wrecking of the economy and truly threatening a worldwide financial collapse and Depression was the resultant outcome of the downward spiral initiated by Reaganomics with mindless deregulation, i.e., Sen. Phil Gramm of “ENRON” fame and who now gave us this financial crisis. This coupled with Alan Greenspan’s belief that markets regulate themselves (Ayn Rand’s pure laissez faire capitalism) mythology was the “Perfect Storm” to affect this criminality on Wall Street. The difference between Bernie Madoff and Goldman Sachs, J.P. Morgan Chase, Morgan Stanley, etc. is simply the degree of criminality, they are all criminals. Republicans, like the Roman Catholic Church, are mostly on the wrong side of history as to social justice, foreign policy or the economy and yet they continue to ignore or distort the reality of the truth!

Here we go again. The Republicans playing politics again.
They will do anything to deny the Obama Administration a victory.
The Poll says two thirds of america want some type of reform. That is understanable.
We all saw our 401 slahed by over 35 % and our home values down by 100 Thousand in some cases.
So difinitely the Republicans are on the wrong side.
They claim that this is a Bail Out Bill. They claim that the
$50 Billion fund will go towaards bailing out the banks eventhoug the banks are the ones that will be contributing to this fund NOT the Tax Payers.
What bank can you bail out with $50 Billion? Certinly not CITI or BAM or JP Morgan Chase It will take 10 Times that amount to save one of those Mega Banks So all this by the Republicans is nothing but a smoke screne.
So the Question is What is it they Want? DO they even know?
They say they want a BiPartisan Bill well my friend the only way a Bill becomes Bi Partisan is for the oposing side to make some recommendadtion to the Bill that are acceptable and then voted on. That is the Only way. You cant vote in lockstep, put forward No acceptable proposals and then complain that the Bill is not partisan. I may have come into town on the bus but I was looking out the window.

Jon Cohen: the title of your article should correctly be "among a random national sample of 1,001 adults", not "About two-thirds of Americans". Unless of course you can't count. This is the type of misleading headlines that have caucasion americans all confused. Please correct.

So now congress and the president are looking for a poll that will give them the voice of america so they can act accordingly??
What about healthcare reform? did anyone on capital hill listen to americans then? This government should be ashamed and so should the Post for putting forward these kinds of shams

WALL STREET BILL, SHOWDOWN VOTE ON FINANCIAL REGULATIONS:
President Obama read an article that sounded like today's news:
"Through the great banking houses of Manhattan last week ran wild-eyed alarm. Big bankers stared at one another in anger and astonishment. A bill just passed would rivet upon their institutions what they considered a monstrous system. Such a system, they felt, would not only rob them of their pride of profession but would reduce all U.S. banking to its lowest level.

Then the kicker: The article was published in June of 1933, the first year of FDR's New Deal."

THE REAL POINT IS: NONE OF THE REGULATIONS OR EFFORTS THEN OR SINCE HAVE SAVED US FROM CONTINUAL FINANCIAL CRISES AND MULTITUDES LOSING THEIR INVESTMENTS THROUGHOUT THE YEARS.

God warned against debt, interest, insurance (surety), covetousness and seeking riches and honors. We cannot continue to embrace the things God hates. We have promoted it around the world; and have defiled the world and made it diseased by polluting our air, land, water and food with jobs and employment; they are not the solutions, they are obstacles.

True freedom and true prosperity have families together for generations, helping, loving and learning how to raise honorable families and honorable communities God's way. A garden paradise lifestyle solves the world problems we created with the employment lifestyle. It is the only sustainable lifestyle.

We do not need the banking industry for investments. The goal is retirement, not investments and enslavement to employment for most of our lives. We can retire now to a garden paradise lifestyle.

We need someone in the White House NOW to guide us to REAL CHANGE that will not continue our enslaving lifestyle. God has prepared the way.

Almost as many opposed healthcare reform. Didn't make any difference. Politicians are just deaf to the people they serve. They care only about their own interests. That's why the "Tea Party" is doing so well.

Two-Thirds americans favor financial reform sounds pretty high or maybe it is too low. How many americans have lost a job? How many lost a home? How many are currently unemployeed? And of course, how many lost life-long savings due to Wall Street's gambling binge? Like most political "debates" the GOP leaves out the PAIN of americans, and chooses to leave in the GAIN to corporate fat cats. The GOP motto could be, "PROFITS BEFORE PEOPLE." TIME MAG has a MUST READ article about the CASE AGAINST GOLDMAN SACHS (see Business).

Ah, yes, poll results. 66% of voters approve of the strict immigration law just passed by Arizona. 60% of voters want illegals aggressively rounded up and deported. 81% of voters want Congress to put an end to job outsourcing and 61% of voters fear *their* own job being outsourced. A majority, 52%, of voters are opposed to abortion in cases that do not involve rape, incest, the life of the mother, or severe birth defect. 60% of voters are for repealing most gun control laws.

The fact is, the vast majority of voters want common sense laws. They are moderates. The Post, and especially pundits like those responsible for this screed, cite polls whenever it suits them and ignore them whenever it doesn't. Now, I am a populist. I believe in the common sense of ordinary citizens and I want the sort of common sense rules established that the above poll numbers represent. The Post, of course, the Democratic Party, of course, does not and everyone knows it. Quit wasting our time.

Financial reforms are long overdue. And the mega-banks had to be stabilized, they are too interconnected in the financial system we are all dependent on. After they are well, they should be broken up into smaller pieces so this cannot happen again.

Watch out to those bloggers who use only CAPS in their messages! I wholly support regulations on big banks and for those of us as small investors, to have regulations that will help us and our IRA accounts. Vote yes on the new Bank Bill. No to those who support Wall Street and big banking.

Posted by: Jerzy | April 26, 2010 10:43 AM
___________________________________________
Yet another completely unsupported Tea Bagger claim. President Obama will likely go down in history as the most successful President in his first term. And before you start carping about 2012, we liberals cannot wait for the next Presidential election either. President Obama will likely sail easily to re-election.

Your ranting and raving will continue to turn independents, Latinos and young people back towards the Democrats.

jboogie1 - And your definition of an "intelligent comment" is, of course, one with which you agree. I have no idea if you are a liberal or a conservative, but your sophomoric blindness leads me to believe you are one of Obama's lemmings, lamenting the fact that the country is deserting your tin god and the blow hards that lead my former party. The cure, dear sir, is to attend a Tea Party rally, a genuine one, and find tens of thousands of ordinary people who have concerns and beliefs that are what you genuinely desire. Ignore the Post and it's Democratic-Republicn Party operatives and get involved in the second American Revolution. End outsourcing, end the reign of the far right, far left nitwits, end the stranglehold big banks and corporations have on our political processes, and re-elect no one.

I'm not sure why you are presenting poll data as relevant for financial regulation. Virtually the entire country has no firsthand knowledge of the financial markets, how they operate, the proposed reforms, and their potential impact. This is also true of the politicians making the decision as well. A perfect example of the blind leading the blind.

What doesn't seem understood is that it was the unregulated financial derivatives market which caused the collapse. The collapse wasn't caused by the excess of subprime mortages, the collapse was caused by the betting on of the future value of those subprime mortgages through the unregulated, under collatorized, and overleveraged subprime mortgage derivatives market. Individuals defaulting on subprime and other mortgages would have caused a crises in the housing market, the secondary (derivative) speculations gone bad on these mortgages through the unregulated financial derivatives market caused the crisis to spread to the entire financial system. This is why there was no homeowner bailout, bailing out individual mortgage holders would have kept people in their homes but not averted the catastrophe. There was a bailout for the large financiers on Wall St because that is where the real problem and cause of the crisis was.

Why is everyone supporting Obama's move against the lending institutions and Wall Street; he is part of the problem and has been prior to 2008.

There's no doubt we need reform in immigration, healthcare and Wall Street, but not Obama's reform; he used these people all of them involved in Wall Street and then like his dear Reverend is now going to punish them since he's in power.

This isn't the kind of reform needed! Little T-Boca (Marcia)

-------------------------------

Little T-Boca: your hatred of Obama is palpable. However, you make comments regarding reform, "there's no doubt we need reform in immigration, healthcare and Wall Street, but not Obama's reform." Well, what reform is needed? Can you submit some ideas that may be useful? My suspicion is that you don't have a notion on how to solve immigration, healthcare, or Wall Street reform or even if it is needed. So why do make opinionated statements on topics you don't know anything about? Your post is a convoluted mess - sorry, but just saying.

I recommend that anyone interested in reading up on what was behind the meltdown read "The Big Short" by Michael Lewis.

The only problem that I see in the financial regulation bill so far is that it does not go after the credit ratings agencies strongly enough. They were the ones in position to keep the meltdown from happening yet they kept issuing AAA ratings like they were having a clearance sale (which in essence they were). If the the bill addresses this issue and also requires that derivatives get traded on open exchanges (with some exceptions for people who are truly hedging risk) then I can't think of much else the bill is missing.

Lastly... the consumer protection agency is not mentioned in this survey but it is also something that is sorely needed.

jmdziuban1 - Another stupid operative? Look, every ordinary person understands that JOB and FACTORY OUTSOURCING caused the economic meltdown. This country, under the insane "free trade" policies of Clinton-Bush-Obama has outsourced some 45 million jobs. Real earning power has decreased by more than 10%. In this world, millions of people couldn't afford mortgages, much less retirement investments (the fuel for the derivatives was almost entirely managed retirement funds). If we simply stopped the free trade nonsense, reversed it, in fact, imposed stiff trade tariffs and punitive taxes on offshore investments, we could regain most of those jobs and end the present train wreck. As for those big banks and investment firms, the Sherman Anti-Trus Act was written to dismantle those sorts of monopolies. Any business "too big to fail" needs to be broken up. No, the real problem is a bunch of political hacks in Washington that sold their souls to those big banks and big corporations. The solution is to get rid of them! Re-elect no one.

I love the Wahington Post's surveys. Very scientific. Multiple questions.
1. Did you vote for Obama?
2. Do you have an IQ less than a 75 (ie are you stupid enough to actually believe a word Obama says)?
3. Do you actually Pay for this "newspaper?

If you answer the first 3 positively, then you're just the people this rag wants to poll. Even then, you have dificulty sqeezing out a pro Obama result (probably because the idiots you are polling do not even understand the question).

Maybe change the prizes - lollipos don't do well in winter (although they would certainly be appealing to the mind(less)set you are apealing to). I suggest condoms - maybe if they could learn to use them, the number of morons in the country might begin to decline, or at least stop growing at such a horrific rate. Wouldn't do much for your subscription rate though.

It is obvious that greed has taken over our country! Therefore the only way to control this sort of greed is to have the Federal Govt take control of every major industry in order to control any future economic downturns. A govt that controls and runs these industries will no doubt be more efficient than any Corporation. In addition, as a result of the govt take overs we can ensure our capital markets will not be able to bring down our economy ever again! I hope president Obama decides to take control of every major industry in american and lead us back to prosperity!

It's the DEEM-n-rats that destroyed the American economy, not ReBoobs, who are basically clowns who want to be liked so as to get reelected as opposed to Deems who want to TAKE OVER the Country, not run it via the Constitution.

Clintoon Admin. used the vehicle of the Community Reinvestment Act to buy votes in 1995 and 1999. Refer to the wikipedia site about it. YOU WILL LEARN ABOUT IT.

Little T-Boca: your hatred of Obama is palpable. However, you make comments regarding reform, "there's no doubt we need reform in immigration, healthcare and Wall Street, but not Obama's reform." Well, what reform is needed? Can you submit some ideas that may be useful? My suspicion is that you don't have a notion on how to solve immigration, healthcare, or Wall Street reform or even if it is needed. So why do make opinionated statements on topics you don't know anything about? Your post is a convoluted mess - sorry, but just saying.

If we go by the logic of the opponents of health care reform then this bill must be supported. It's the will of the people. The government needs to do what the majority wants so pass the bill Congress. It's the will of the majority and the opponents of health care reform are on record as demanding that you listen to the will of the people.

What doesn't seem understood is that it was the unregulated financial derivatives market which caused the collapse. The collapse wasn't caused by the excess of subprime mortages, the collapse was caused by the betting on of the future value of those subprime mortgages through the unregulated, under collatorized, and overleveraged subprime mortgage derivatives market. Individuals defaulting on subprime and other mortgages would have caused a crises in the housing market, the secondary (derivative) speculations gone bad on these mortgages through the unregulated financial derivatives market caused the crisis to spread to the entire financial system. This is why there was no homeowner bailout, bailing out individual mortgage holders would have kept people in their homes but not averted the catastrophe. There was a bailout for the large financiers on Wall St because that is where the real problem and cause of the crisis was.
===========================================
Wrong, wrong, wrong. Weren't you listening to Obama and the Democrats. The reason for the economic collapse was because of Bush, and his support for his rich buddies in Wall Street. Dont try to blame Wall Street for this mess. Bush is the only one we should blame for this. Bus is responsible for every action someone takes in the private industry, didn't you know?

He is responsible for all of the sub-prime problems, for allowing derivatives in Wall Street, for not letting US auto-makers manufacture a car anyone wants to buy, for the 9-11 attacks, for Osama bin Laden becoming a terrorist, for EVERYTHING! Gosh, where have you been!

angie12106 babbled:
"You are stupid liberal fool. You're not very smart. Wrong information and unfortunately you are allowed to vote. Idiots like you are going to suffer most under Obamacare. And you are going to make innocent elderly people on a fixed income that need medicare advantage suffer without it.

It is not a program for the wealthy, you mindless fucbag."

Let me guess: you're one of those kids who got left behind with Bush's NCLB Act. That, or it was too late for you by that time to do you any good. Please, enlighten everyone as to how liberals are going to suffer the most under Obamacare? I do have a suggestion for every anti-Obamite against the healthcare reform who has a special needs child. You yourself are going to pick up the tab for that child's care and education from this day forth, correct? I mean, after all, you don't want any parts of Obama's "socialist" big government. You want to make your own way. DO IT. Pave your own roads. Take care of your own utilities when the lines go down or the lights go out. Make sure the food you eat is safe before you ingest it.

Everyone is for common sense reforms and oversight. The problem is that Democrats have no intention of using common sense. They will go way overboard. They will go so far as to make it impossible for Republicans accept it, then blame Republicans for not going along with it. Just like in the health care law. Common sense reforms that both sides agreed on could have passed easily, but Democrats choose to go whole hog nutty, and as it turns out, Democrats lied when they said this was going to cut costs (Sebelius had the medicare actuaries report) and premiums, in fact it will do the opposite.

The country supports regulatory reform, but of course the GOP doesn't. If Obama said the earth was round, GOPers would swear it was flat.
===========================================
WOW, the intellect in this post if amazing!

Your analogy is so wrong I am laughing at how you tried really hard to be smart and whitty, but end up looking silly.

The analogy should be more like this, "If Obama said financial regulation was needed to end tax payer bailouts, the GOP would say, Make sure failing banks are not able to receive ANY funds from the Fed, FDIC or Tresury, but ONLY when to liquidate the bank.

See, there is a BIG difference! The Republicans are trying to take away the loopholes the Democrats set up in the bill to continue providing "bailouts" to the banks!

The world has come together and has seen what evil looks like. World leaders of all religions now have this common knowledge. Obama is the Anti-Christ, Devil on Earth, or what ever else you want to call this Demonic Figure. His words describe him, He is a False Hope, If you listen to him you will love him. He carries a Bow without an Arrow. He will conquer all through his speech, his false hoods will capture all who sit and listen to him.

Another ultimate LIE of Republicans: Freddi & Fannie are cause of US economic problems

And to Republican lunatics who blame "Freddi & Fannie for US economic problems because they give easy loans...." This cannot possibly have been the cause of the problems with US economy since for example in Canada they have HIGHER percentage home ownership than in US and avg home prices in Canada are MUCH HIGHER than avg home prices in US. So unless US is in another Planet than Canada, which it is not, in fact US borders Canada, then the question becomes WHAT DOES Canada have or do different than US? The answer is that Canada has Universal Nationalized health care so health care costs its people and small businesses a small fraction of what health care costs an American person or business, so whereas 2Mill+ Americans went bankrupt last year due to health care costs ZERO Canadian went bankrupt last year due to health care costs. Now can you imagine how many Millions of Americans had their credit ruined or where put under financial stress hell due to health care costs if 2Mill+ Americans went bankrupt last year due to health care costs??? And it is Republican lunatics, aka agents of Big Pharma, Big Insurance, etc. and our right-wing (LYING) Media that have opposed Universal Nationalized health care for Americans saying such lies that it will lead to economic downturn and other lies when the EXACT OPPOSITE is true, as you can see with the example of Canada.

A man caught between a tiger and a lion or a cobra and an asp can not claim one animal is good while the other is bad. this is not a game of angels verses demons. Government bureaucrats are evil, greedy, corrupt and despotic. they want power, control and ever more taxes.
bankers and Wall street plutocrats are evil, geeedy and wanting more power and control. Not satisfied with billions in profits they now demand billions in bail outs.
In either case, the common, productive citizen of this republic will loose wealth, prosperity and freedom to either group of aristocratic oligarchs, be they politician, bureaucrat or plutocrat. We are doubly damned when these two estates collude, cooperate and conspire as they do today. Pick your poison: socialist dictatorship or the return of the company store.

Bailout bill debates aside, immediate congressional action is necessary to inhibit another financial real property bubble in the future. These actions must include rescinding both the Gramm-Leach-Bliley and Commodity Futures Modernization Acts of 1999 and 2000. Congress should then readopt the 1933 Glass-Stegall Act. Those actions would ring fence financial institutions from engaging in this greed driven activity in out years, nipping their RICO ACT conduct in the bud.

Next, all existing sub prime mortgages and trust deeds created and securitized on both residential and commercial real properties since 2000 should be converted to the current thirty year fixed interest rate after the properties is appraised. The new note should reflect the current mark to market value of the property as of the date of the new appraisal.

These actions will require much legislative vetting and in the process of the hearings reveal the real whiners in the country. They will however, if carried out, relieve taxpayers from being saddled with more massive future debt, precipitated by faulty financial math models, fraud, and racketeering by members of the greedy banking industry. The current conduct responsible for this meltdown was conjured up by folks cast from the Ivan Bosky & Michael Milkin molds whose junk bond schemes were responsible for the domestic financial meltdown of the late 1980's and early 1990's.

While Commercial and Investment Banks, private and public pension funds, insurance companies such as AIG and wealthy individuals will suffer huge losses, they must accept and be held accountable for the reality that investing in these craftily created securities, Derivatives and Credit Default Swaps was and is gambling. Investing in those instruments is no different than tossing down a bet at gambling table in Central City, Colorado.

Customers slamming back a shot of whiskey at a Bear bar while checking out the local scenery should not be billed for the bad bet by the bumpkins at the blackjack table.

RealNews1 _ What Canada, what virtually all of the rest of the Wesern world have, are laws that protect their domestic jobs. They use trade tariffs, duties, fees, and punitive taxes on investments that result in job and factory outsourcing. Oh, and they LIMIT "guest workers" to a very few actually essential areas of expertise. They don't bring in hordes of Indian workers that displace their own citizens.

Polls do not mean anything to the Democrats. We just had a Health Insurance Bill passed into law were a significant majority disagreed with the bill. It did not matter to them then, why should it matter now?

So the Republicans are now filibustering what two thirds of the people favor? Does that surprise you? The two-thirds are ordinary people, not the rich bailed out banks and corporations the GOP represents.

We didn't support healthcare and the big o still used our money to buy enough votes to ram it thru. All I can say is give it your best shot dems. November is still comming and we will endevor to persavere. You will be stopped. By the way, do you think you get the deficit high enough to crumble before November? Good luck.

Just as I thought .. the GOP "children" in congress are still going to say NO to anything even if it is something they are for!! I wish they would get over their MAD about losing the election and get on with business!! I certainly hope that the people who are screaming about the Dems are paying attention to the absolute stupidity and "get even" attitude of the GOP. The Dems WON...live with it!!

Have any of you researched the why the subprime loans were made in the first place? Government regulation. Check it out. Government always has a way of making things cost 10 times more when they get involved. And that is a conservative estimate.

I would like to see the Wall Street crooks, Citigroup, Bank of America, Wells Fargo, JP Morgan Chase, and any number of racketeering Mortgage Companies who sold Liars Loans to each other, go to jail for a very long, hard time; and at the same time I want to see the release from jail of everyone who has been sentenced to serve time for possession of drugs.

Then we will see whether this is a country of laws--- or just a Third World devolving nation.

...which is why Congress failed to bring the bill to the floor for a vote. Way to listen to the will of the people, Congress! Oh, that's right, scoring political points and ultimately retaking Congress and the Presidency?

No thank you . The USA wants nothing more from this Fed et al and has not since bailouts.

Has anything about this changed?

BEAR REVOLT was started by Veterans ( Czar nick named terrorists) seeking to empower the active troops with a clear documentation of the majority's will of the people via archival quality hardbound petitions (signatured by all men, women, and children who have No Confidence this 2009 Federal Government).

The signed petitions are being entered into County recordations offices as a "recorded document", then pooled, and placed as a" Document" into the Library of Congress by the people of each State.

The well documented majority with " no confidence" can allow the defenders of the US Constitution the ability to carry out the "will of the majority".

It seeks to void all signatures of the current Fed 2009, and hence can retro from 2010 , 2011, etc. to do it.

This Redress call was named when Pelosi went to THE BEAR REPUBLIC of California , threw imported ACORNS at their heads,
then called them astroturf and walked on their backs with her spikey heels out of the door absolutely refusing to listen to them saying NO.

PETITION:

The REDRESS of the 2009 Federal Government of the United States of America
For NO CONFIDENCE
By the recall of :
The Congress, (all names listed both Partys)
The Hill , ( all names listed both Partys)
The Cabinet, (all names listed)
The Czars, ( all names listed)
Barack Hussein Obama ( all "currently" known names listed: Barack Hussein Soroeto, Barack Hussein Dunham )

Whoever is the architect of 'party-of-no' is a brilliant man. Although, it does not take much of brilliance to recognize that average American is selfish, stupid and has this 'what's-in-it-for-me-TODAY' attitude.

What is brilliant though is the way they have exploited this 'vice' in the American people. Judging from the fact that so many Americans now trust Wall Street over their Govt. is a testimony to that.

Every time, Mr. Obama tries to do something, the party-of-NO will stand together and come up with some flimsy reason (with no details) to say NO. And every time, the stupid public will buy that.

“Pay no attention to that man behind the curtain” or to the reasons Americans have for approving or disapproving the way regulation of the financial industry is being handled.

The Washington Post presented polling results – a compilation of Yeas and Nays absent any attempt to understand why respondents “checked-off” the answers offered to them.

Pollsters and their enablers (newspapers such as the Post) regularly foist the results of their measurements of public opinion without ever addressing the methodological elephant in the room. Why Americans approve or disapprove how President Obama is handling regulation of the financial industry is never reported. Indeed, the question is never asked. A simple question that invites a thoughtful reflection from each respondent, such as "Why do you believe this?"

Pollsters know what any 4-5 year old knows: Ask “why” and don’t accept “because” as an answer. The answer to “why” is invariably more informative and important that the compilations of checked boxes. However, pollsters leave such questions unasked. Why, you ask. Because respondents might actually answer thoughtfully and freely, and what would pollsters do with the answers?

They might do what some TV broadcasters do. They might read a few responses and select 2-3 that appear to represent something (they are never sure what) and read them.

Pollsters never choose to do it the hard way. Makes you wonder whether they ever listened to Tina Turner sing her introduction to Proud Mary. The hard way is to invite respondents to share their best thinking and to transform their language into data that explains their reasons for believing that stricter federal regulations of Wall Street are needed or not.

The technology exists to allow this. There is a reason for doing this, too. Polls that identify “what” people believe but fail to show “why” are invalid. Validity is the bedrock of survey research: proving that your respondents understood the question and that the poll adequately addressed the subject at hand.

Financial regulation is not a horserace and understanding public sentiment is not a matter of measuring which horse’s nose is ahead at the Quarter or Half-way Poll on the track in Congress. Allowing survey respondents the freedom to tell their stories with respect to serious issues facing our country is one place to begin restoring the opportunity for a truly civil exchange.
cjs@liminalityinc.com

A national poll run by mediacurves.com looked at viewer feelings towards financial reform before and after President Obama's speech last week. They found that all parties were more favorable of President Obama’s reform plan after viewing the speech. More results from this study can be seen here:http://www.mediacurves.com/Politics/J7821-ObamaWallStreet/